Buying a home is an exciting life event and one of life’s biggest accomplishments. But it can be overwhelming and complex, especially for first-time buyers. The process requires a lot of time, effort and planning. Working with the right REALTOR®️ will make the process run smoothly to meet your new home.
Why work with us?
We represent your best interests and provide :
- Showings for all properties that match your criteria after performing a detailed market research and analysis.
- Expert advice on terms & conditions and essential clauses such as home inspections and financing, to ensure you’re fully protected.
- Expert advice on market value and negotiate the offer on your behalf to achieve the best possible price and terms.
- Expert due diligence and discovery of all information about the property, including liens, warranties, disclosures, market statistics and planning activity in the area.
And best of all, did you know that it doesn’t cost you anything to use an agent in purchasing a home? Buyer’s agents are compensated from the commission paid by the seller of the house.
Here is a general overview of what to expect and prepare in buying process:
1. Answer key questions and visualize your dream home
When starting your buying journey, the first step is to focus your search through the answering of key questions. Where do you want to live? What type of home best suit your lifestyle? Are there any important location factors? What are your high priority features? Think about the neighbourhood, access to schools, proximity to transportation, recreational facilities, parks. Ultimately the answers to these questions will create a needs v/s wants list and will help you separate the “must have” features from the “would be nice to have” features in your new home
2. Determine How Much You Can Afford and Get Pre-approval
You need to know exactly how much home you can afford. In order to be approved for a mortgage, you will need at least 5% of the purchase price as a down payment. It’s a good idea to get pre-approval for a mortgage before making an offer to purchase. Shop around to get the best terms. Use our Mortgage Affordability Calculator to see how much mortgage you could afford and Mortgage Payment Calculator to estimate your monthly payment.
3. Engage with a REALTOR®️
Real estate agents are important partners in buying process. They can help you navigate the complex process of buying and provide you with valuable information that isn’t easily accessible to the public. They work in your best interests and will ensure that you are an educated buyer in all aspects of your home buying process. Real estate agents must be licensed. You can use the licensee search from the Real Estate Council of BC to see if an agent is currently licensed.
4. Shop for a Home
After finding the right REALTOR®️ and securing your mortgage pre-approval, you will now be doing searches to find homes in your desired area matching your target home profile. Your agent will frequently update you about the market and new listings and schedule you appointments with sellers.
5. Make an Offer
You found your dream home, then you are ready to make an offer to the seller. Your REALTOR®️will:
- Conduct a detailed CMA (Comprehensive or Comparative Market Analysis) complete with comparable active and expired listings, recent solds and historical data relevant to determining the market value of the home. This will empower you to make an informed decision.
- Prepare an offer that protects you.
- Present and negotiate the offer on your behalf to get you the home that you want at the best price and terms available.
- You will need funds for a deposit—typically approximately 5% of the purchase price. This can be paid upon acceptance or upon subject removal, and will go towards your purchase price on closing.
The seller may accept, reject or counter your offer, changing the terms of the offer and presenting that counter offer to back to you. Once agreeable terms between the seller and yourself are reached then contract of purchase and sale is signed.
Your offer has been accepted. Now you need to satisfy the conditions of your successful offer. This usually involves performing a home inspection, finalizing your mortgage with the lender and arranging for any other information that might be necessary, such as surveys, reviewing the title and any strata documents. Your REALTOR®️ will help you make all the necessary arrangements to ensure that the entire process runs smoothly before the deadline. And now you’re ready to sign off on ownership.
Congratulations! You are now a homeowner where you will build a new story with memories, along with positive financial futures!